Critical CoveragesCoverages every company should consider

As time progresses, certain coverages are becoming more and more critical to today's businessowner and yet, often, are not part of their business insurance.

Cyber LiabilityFrom the theft of client information on a laptop to full blown data terrorism, coverage is available to provide protection for legal expense and monitoring services for affected customers.

Employment Practices Liability (EPLI)Critical to any business insurance program is coverage for acts committed against employees which can cause lawsuits from sexual harassment, failure to promote, wrongful termination, hostile work enviroment, and a host of others that are seemingly commonplace in today's business world.

Equipment BreakdownFormerly called Boiler & Machinery, this coverage has grown far past it's pressure boilers to include HVAC systems, heavy manufacturing equipment, and many ofter types of equipment where a breakdown means a loss of income.

Fiduciary LiabilityCoverage for a company's legal liability arising from claims that allege the failure to act within the Pension Reform Act of 1974. Most often this refers to company pension plans and the administration of health plans.

Umbrella LiabilityOne of, if not the most crucial of coverage, is excess liability over primary insurance policies which often include general liability, auto liability and employer's liability. Increased limits of protection are available to provide for catastrophic losses that might normally put a company out of business.

Water Backup & FloodOne of the most neglected coverages is flood, but this can be extended to water backup also. While many policies will provide limited coverage for backup of sewers or drains, flood provides coverage for water that comes in from the walls or from underground. This coverage has a 30 day waiting period unless required by a bank so it must be obtained ahead of time.

Warehouseman's LegalCrucial to any cold storage facility or similar operation that takes in property of another for storage. This could extend to moving companies who transfer items to a "holding" facility.